New changes ahead for Casino but name and brand to stay

Townsville Bulletin - - Investor - Tony Rag­gatt

BIG changes are in store for the re­gion’s sig­na­ture tourism prop­erty, Jupiters Townsville Ho­tel and Casino, but its name and brand will stay.

The prop­erty’s owner, Tab­corp Hold­ings Ltd, is plan­ning to spin off its casi­nos busi­ness and has an­nounced the new en­tity will be called Echo En­ter­tain­ment Group Ltd.

Echo En­ter­tain­ment Group will op­er­ate four Aus­tralian casi­nos in­clud­ing Jupiters Townsville, Star City in Syd­ney, Jupiters on the Gold Coast and Trea­sury in Bris­bane.

Tab­corp’s wager­ing, gam­ing and keno busi­nesses will con­tinue as Tab­corp Hold­ings Ltd. Sub­ject to reg­u­la­tory ap­proval, Tab­corp aims to is­sue a scheme book­let for the de­merger in April/ May and seek the ap­proval of share­hold­ers for the de­merger in June.

The de­merger is pro­posed to be im­ple­mented by July 1. If the de­merger pro­ceeds, Jupiters will be man­aged un­der the new en­tity but re­tain its name and brand.

Jupiters Townsville man­ag­ing di­rec­tor Sean Knights said while share­holder and reg­u­la­tory ap­proval was needed, there were ex­cit­ing times ahead for the prop­erty and Echo En­ter­tain­ment Group.

Tab­corp an­nounced last year plans to in­vest $ 625 mil­lion in its Queens­land casi­nos, in­clud­ing $ 40 mil­lion at Townsville to dou­ble the size of the casino’s ball­room, up­grade ho­tel suites and in­stall new gam­ing fa­cil­i­ties. The cur­rent CEO of Tab­corp’s casi­nos divi­sion, Larry Mullin, is planned to be chief ex­ec­u­tive and man­ag­ing di­rec­tor of Echo En­ter­tain­ment Group.

Mr Mullin said the cre­ation of a new name and brand sig­nals a trans­for­ma­tion of the four casino prop­er­ties into a to­tal en­ter­tain­ment group.

He said the busi­ness promised a new level of leisure and en­ter­tain­ment .

‘‘ We are in the process of de­liv­er­ing a com­pelling new cus­tomer ex­pe­ri­ence in each of our mar­kets un­der­pinned by our $ 960 mil­lion ex­pan­sion of Star City in NSW and pro­posed $ 625 mil­lion ex­pan­sion of our three Queens­land casi­nos.’’

BRIGHT FU­TURE: Echo En­ter­tain­ment Group to op­er­ate Jupiters Townsville Ho­tel and Casino

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.